North-Cairo Electricity Distribution Company signed an agreement with Fawry Electronic bill service in order to provide electricity bill services for subscribers and collect them automatically and electronically. Eng. Ashraf Sabry , CEO of Fawry said the service is available from two days and 48 users have benefited from it, noting that the company provided 10K check points that serving North-Cairo region. He added on the sidelines of the press conference today that it will make the best use of the service throughout 40k call centers that affiliated to Fawry in ATMs which belong to banks, post, pharmacies, retail stores and supermarkets, stressing that it will contribute in boosting the collection of bills. Mohamed Rahim, Chairman of the North Cairo Electricity Distribution Company, stated that subscribers will also be provided the option to pay their monthly electricity bills at the company payment centers located throughout the country, without needing to register with corresponding Fawry payment centers. He asserted that use of such new measures is meant to facilitate the ease with which subscribers pay their bills, particularly those who are not always present at their official place of residence. He stated that the company possesses 4 million subscribers, all of whom will bear the burden of commission costs for payments, which vary between EGP 1 and EGP 5. The agreement stipulates that Fawry will deposit the total value of bills collected into a bank account belonging to the North Cairo Electricity Distribution Company, one day after such bills have been collected. An initial EGP 50,000 letter of guarantee will first be provided by Fawry to the Distribution Company. The agreement also stipulates that Fawry's name will be written on all electricity bills belonging to the Distribution Company, in exchange for 10% of the value of commission received by Fawry from subscribers. The International Finance Corporation(IFC) pumped earlier this year US$6 million to invest in Fawry, capturing IFC's share which is 18% of the company's shares. the company started with 75% ( EGP77 million ) paid-up capital including Egyptian banks and corporations such as bank of Alexandria, Egypt ICT fund, Arab African International Bank (AAIB), Raya Holding Co, HSBC and the total cash hit EGP87 million in the beginning of 2012. The company began working with a paid-up capital worth 77 million pounds of which 75% is owned by institutions and Egyptian banks are Amlak and the Bank of Alexandria and the Development Fund for information technology and the Arab Bank and the African Raya Holding Company and HSBC and averaged 87 million pounds of cash early 2012.
